The Real Estate Institute of WA’s (REIWA) latest figures show that people are still seeking property close to the industrial suburb of Wangara and the residential area of Armadale-Serpentine. Other suburbs where real estate banner printing has been going on are south-eastern Stirling, north-eastern Wanneroo, Vincent, Cockburn and Swan.
Rents in Perth are still rising, with the September quarter seeing an increase of $20 a week. This makes the median weekly rent $450. The scarcity of rental properties has grown in spite of the rising numbers of first-home buyers. The demand for first homes drove the median property price for Perth down to $390,000.
David Airey, the REIWA President, told Courtney Trenwith of WA Today that late settlements occurring in the quarter will probably help the median price to return to the June quarter’s $484,000. He explained:
"REIWA members are reporting a 3 per cent increase in sales of flats, units, apartments and villas, but with no movement in the overall median price of $390,000.”
Prices in general remained stable and, as there have been some recent cuts in interest rates, general real estate turnover had increased by almost 20 per cent this year.
The suburbs around Perth where the real estate market experienced little activity included northern Joondalup, the western and eastern areas of Stirling and Rockingham-Kwinana.